16 May The Advantages of Customized Subrogation Services for Fleet Owners

In today’s highly demanding fleet organization, time is money. Subrogation is critical, not to be missed step even when time is short. The key here is that using a subrogation service can create ways for your business to reduce fleet costs. That’s done by improving recovery yields and reducing cycle times through subrogation services. 

While subrogation is very hard for smaller fleets (and even larger ones) to manage on their own, there are absolutely clear benefits to it. The key is to stop trying to do it in-house and turn to a specialized provider who can offer customized services to meet each one of your needs. 

The Benefits of Customizing Subrogation Services

As a fleet business owner, one of the first and most important decisions you need to make is evaluating whether a subrogation program is actually beneficial to the way you operate your business. Not all companies will benefit from subrogation management, but there are far more than will that don’t realize it.

To do that, take a closer look at your options. Ask the hard questions. What is subrogation in insurance? How can it directly impact your bottom line? Will this type of investment pay for itself over time? 

The following are some of the most important benefits that come from the use of a subrogation program. Use these to make an informed decision on why it’s important to use this service for your business. 

1. Help Fleet Owners Recover Damages from At-Fault Parties

Let’s face it – you just need to get your vehicles back on the road and may not have the time to put towards subrogation. Yet, when someone else is responsible for the losses during an accident, it is often critical to hold them accountable and recover those damages. A subrogation service does not just oversee this process but utilizes experience and industry insights to ensure it goes well from start to finish.

2. Help Offset the Cost of Repairs or Replacements 

Another advantage of outsourcing subrogation services is that it can help you recover significant losses. That includes offsetting the cost of the repairs and replacements that you need to keep your business on the road and operating efficiently and safely. Additionally, this type of service can also help you recover other losses, including lost income from damaged vehicles. 

A careful consideration here is that many organizations don’t realize the depth of the losses they face when someone else causes damage to their vehicles. Uncovering all those losses is an opportunity to put money back into your business. 

3. Help Prevent Future Accidents by Holding At-Fault Parties Accountable

Without a doubt, you want those responsible for the losses they’ve caused to be held accountable. Yet, it is not just in your best interest to do this financially but also from the vantage point of minimizing the risk of further problems over time. 

By holding those responsible accountable, they are less likely to engage in the same type of reckless behavior. It also gets risks off the road, minimizing and preventing ongoing risks every time you head onto the road. Over time, this helps to make operating your business safer.

4. Cost-Effective Way to Handle Accident Claims

As a business, consider if the subrogation program makes sense to your operations from a cost standpoint. What is subrogation in terms of its impact on the way you operate now? Are you taking the necessary steps to pursue losses?

If not, turning to an outside program, one that is specialized in this area, could change the course of your business operations. What some organizations do not realize is that this type of service is not only a tool for getting funds back into the company but an affordable service as well. It serves as a stop-gap for ongoing losses you have as well.

Also, factor in the long-term impact of losses you suffer. It is not just about repairing the vehicle to get it back on the road. It is the ongoing impact now that there’s a diminished value present. 

5. Help Fleet Owners Maintain a Good Reputation

Another core benefit to investing in these services is that it boosts your business’s reputation. Today, where your customers have dozens of options in who they ultimately work with for their needs, you must ensure your reputation is consistently met with the best views.

Subrogation programs like this can do that by making sure your vehicles are running safely. It also helps you to ensure you are meeting all compliance requirements and regulatory concerns. Ultimately that makes your business a safe place to work with a solid reputation. It also keeps more money in your pocket that you can use to grow your company over time. Having a strong reputation ensures long-term opportunities for your organization.

6. Can Help You Avoid Costly Litigation

Who is to blame? Who is at fault? Who should pay the losses? If you do not take action to prove that someone else is at fault, they could take that same action to work against you. In many ways, a lawsuit like this can cause a company to face ongoing financial strife and limitations. 

A lawsuit down the road for another accident, perhaps one caused by your drivers due to a failure of the vehicle due to this accident, is just a headache. In other words, without the support you need now, your business is at risk for litigation on an ongoing basis. 

7. Speed Up Claims Processing Times

Even the best insurance companies for fleets will need to take time to verify details and gather data. When you have a subrogation team in place and doing the work of documenting losses, it is much harder for a company to refute those claims. That means that, with the use of these services, you can speed up the claims processing time and get money in hand sooner.

Ultimately that is critically important to organizations because it means getting back on the road faster. View that saved time not only as getting through this but also as a way to lessen the long-term impact of unsatisfied customers from delays. 

8. Provide Better Customer Service to Policyholders

Organizations that have these programs in place provide better service. From the standpoint of the insurance provider, it is critical to ensure that exceptional service is a constant factor. Having these programs in place enables that to take place.

Experienced Professionals Who Understand Your Specific Needs and the Complexities of Accident Claims

Subrogation is a critical component of any operation. It enables fleets to get back on the road and insurance companies to get the money they need back when someone else is responsible for losses. Yet, without the use of a third-party program that has expertise in this area, many organizations will find limitations to their currently used methods.

Our Subrogation Program includes:

• Full claim review by a specialist to determine responsibility and fault
• Extensive research of state laws and compliance requirements
• Immediate contact with the responsible parties
• Electronic tracking to ensure accountability and accuracy 
• Prompt recovery of losses
• Custom reporting services provide users with the ability to access real-time data 24/7
• Retrieval of key data to support recovery efforts

Fleet Response offers the core benefits you need. A company that has the flexibility to work with all parties, the visibility to handle the claims process in real-time and right online, and the accountability to ensure the work is done properly. 

Take the Time to Reach Out Today

Subrogation services are a critical investment for your company. Reach out to us today to learn more about the services Fleet Response can offer to your organization to save you time and money while also ensuring your organization can recover the damages owed. As specialists in subrogation, you can count on us to help you achieve a better return.